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December 02, 2009 at 07:00 PM
J.G. Wentworth affiliates have paid off about $137 million in notes from 1997 and 1998 securitization transactions, the company says.
The notes, paid off on June 15 and Sept. 15, were backed by payments from structured settlements, according to Wentworth, Bryn Mawr, Pa.
Structured settlements are annuity-based arrangements that pay out cash to personal injury lawsuit claimants over time.
In May, Wentworth put 3 of its units–JGW Holdco L.L.C., J.G. Wentworth L.L.C. and J.G. Wentworth Inc.–in receivership with a bankruptcy court in Delaware, but they quickly emerged from bankruptcy.
***
CLARIFICATION: An earlier version of this story gave an incomplete description of the status of Wentworth’s JGW Holdco L.L.C., J.G. Wentworth L.L.C. and J.G. Wentworth Inc. units. The units briefly sought bankruptcy court protection but soon emerged from bankruptcy proceedings.
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